NEWLY merged broadcaster ITV is staging its first annual meeting later today against a backdrop of anger over so-called "fat cat" pay deals.

The group will hold the meeting in London only a couple of months after Granada and Carlton Communications came together in a £4.5 billion merger.

Shareholders have voiced dissatisfaction over pay deals that have included a £15 million "golden farewell" for ousted Carlton chairman Michael Green.

His pay-off was opposed in January by the Pensions Investment Research Consultants (PIRC), which was understood to be urging its members to vote against a pay package for ITV chief executive Charles Allen.

But the prospect of a fresh revolt looked to have receded earlier this month after the National Association of Pension Funds pledged to support a four year, £24 million deal for Mr Allen.

However, shareholders are unlikely to let today's meeting pass without some reference to the ongoing rumours about the firm's leadership.

Recent reports have linked former BBC director general Greg Dyke, who resigned following the Hutton Report, to the post of chief executive amid continued speculation over the future of Mr Allen under new chairman Sir Peter Burt.

As a new company, ITV has not published an annual report for 2003 and consequently there will not be a resolution to approve the company accounts at the annual meeting.

But it is understood that investors will be able to vote on the share performance plan, which replaces an existing executive share option plan.